FTSE100 – Rising trend line support intact, for how long?

The index staged a minor rebound from the rising trend line level of 6938 and closed at 6980.

However, that does not mean we are out of the woods yet. A daily close back above 7000 would add credence to the rebound from rising trend line and open doors for re-test of record highs around 7120 levels.

On the lower side, selling is seen gathering pace once the rising trend line is breached on the 4-hr chart. The support has shifted slightly higher to 6940.